Against the backdrop of a challenging yet progressively stabilising macroeconomic environment, Leadway Assurance, Nigeria’s leading insurance services provider and a member of the Leadway Group, has once again demonstrated its position as the nation’s most dependable insurer, delivering a robust financial performance for the 2025 financial year.
Central to the company’s 2025 performance was its commitment to standing by policyholders through prompt and consistent claims settlement. Consequently, claims expenses rose by 17%, from N117 billion in 2024 to N137 billion in 2025, affirming Leadway’s formidable capacity to honour obligations across its life, annuity, and non-life portfolios, and its continued role as a dependable financial safety net for millions of customers navigating losses in these uncertain times.
The non-life portfolio accounted for N55.4 billion of total claims expenses, while annuity payouts reached N57.9 billion, and life business claims accounted for N23.7 billion. These figures validate the scale of Leadway’s operations and its sustained leadership across multiple insurance segments.
This is evident in the financial performance datasets with insurance revenue growing by 30% from N173.2 billion in 2024 to N225.3 billion in the year under review, driven by broad based growth across all business classes and resilient customer demand for insurance solutions aligned with the realities of an evolving market.
Total assets grew to N1.155 trillion from N1,024 trillion, further reinforcing the company’s strong balance sheet, liquidity position, and capacity to meet policyholder obligations while pursuing sustainable long-term growth.
Commenting on the results, Gboyega Lesi, MD/CEO of Leadway Assurance, stated, “Our 2025 performance reflects the resilience of our business model, the trust our customers continue to place in the Leadway brand, and our unwavering commitment to honouring obligations when customers need us most. Paying N137 billion in claims across our annuity, life, and non-life portfolios demonstrates the strength of our balance sheet and our customer first commitment” he said.
“As the industry evolves under the Nigerian Insurance Industry Reform Act 2025, we remain well positioned to drive innovation, deepen insurance penetration, strengthen digital capabilities, and deliver sustainable long-term value to our customers and stakeholders.”
Lesi added, “Leadway would continue to prioritise technology-driven innovation, enhanced customer experience, operational efficiency, and product development initiatives aimed at expanding access to insurance solutions across Nigeria”.
With increasing insurance awareness, growing adoption of digital distribution channels, and ongoing regulatory reforms within the Nigerian insurance sector, the company remains optimistic about the industry’s long-term growth prospects and its ability to maintain market leadership.
About Leadway Assurance
Leadway Assurance is one of Nigeria’s leading insurance companies, providing a wide range of financial protection services including life insurance, general insurance, among other financial solutions. With 55 years of experience, Leadway is dedicated to delivering innovative solutions and superior service to its customers.